- Oil Prices Rise on Better than Expected Data
Oil prices rose on Monday to record the longest daily gains in more than 17 months following a strong U.S. job data.
Brent crude oil rose to $58.81 barrel, the highest since December 19. While the U.S. West Texas Intermediate climbed 2.34 percent to $49.08.
Also, the report that the U.S delegates are already in China to discuss trade and finally reach a workable agreement aided business outlook.
“The statement from the Fed chair was in the direction of what the market bulls have wanted,” said Kim Kwangrae, a commodities analyst at Samsung Futures Inc. in Seoul. “At the same time, there’s increased expectation that OPEC+ will cut its production from this month. The drop in the U.S. rig count is also seen as a bullish factor.”